Legend Biotech(LEGN)2025-03-11 11:00Financial Performance - Total revenue for 2024 reached approximately $1.297 billion, with CARVYKTI net trade sales of $963 million, marking a significant increase from the previous year[6]. - License revenue for the year ended December 31, 2024, was $138.4 million, up from $35.2 million in 2023, reflecting a growth of 293%[8]. - Collaboration revenue for the year was $482.6 million, compared to $249.8 million in 2023, representing an increase of 93%[9]. - Net income for the fourth quarter of 2024 was $26.3 million, a turnaround from a net loss of $144.8 million in the same quarter of 2023[18]. - Adjusted net loss for the year was $188.8 million, a reduction from $335.7 million in 2023, indicating improved financial performance[19]. - Total revenue for Q4 2024 reached $186.5 million, a significant increase of 134% compared to $79.5 million in Q4 2023[25]. - Basic net income per share for Q4 2024 was $0.07, compared to a loss of $0.40 per share in Q4 2023[26]. - Adjusted net loss for Q4 2024 was $59.1 million, compared to an adjusted net loss of $88.5 million in Q4 2023[34]. Cash and Assets - As of December 31, 2024, the company had approximately $1.1 billion in cash and cash equivalents, providing a financial runway into the second quarter of fiscal year 2026[5]. - Cash and cash equivalents at the end of 2024 were $286.7 million, down from $1.28 billion at the end of 2023, representing a decrease of 78%[29]. - Total assets decreased to $1.67 billion in December 2024 from $1.85 billion in December 2023, a decline of 9%[27]. - The company reported cash flows used in operating activities of $82.1 million for Q4 2024, an improvement from $95.6 million in Q4 2023[29]. Expenses - Research and development expenses for the year were $413.5 million, an increase of $31.3 million from 2023, primarily due to cilta-cel activities[13]. - Selling and distribution expenses for the year were $147.5 million, up from $94.2 million in 2023, reflecting increased commercial activities[15]. - Research and development expenses for the year 2024 totaled $413.5 million, an increase from $382.2 million in 2023[25]. Product Performance - Over 5,000 patients have been treated with CARVYKTI to date, demonstrating the product's market penetration[6]. - The Phase 3 CARTITUDE-4 study showed that 89% of evaluable patients achieved minimal residual disease negativity at the 10 threshold within two months[7].